609 Cannonsgate Dr · Emerald Isle, NC 28570

$899,900

4 bd · 3.5 ba · 2,887 sqft · Other · 47 Days on market

Built 2024 0.40 ac lot $143/mo HOA · 1% of rent

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.1/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

$15,000 USE AS YOU CHOOSE! New construction, MOVE-IN READY home by Streamline Developers! You will feel right at home in this 4 bedroom, 3 and a half bath home from the moment you first walk in. The main living area is on the second level which includes a kitchen, breakfast area AND formal dining room. The living room has a gas fireplace and opens to a spacious covered porch with creek and marsh views. There is a bedroom (or office) and full bathroom on this level, as well. The third level features the primary suite, walk-in closet and ensuite bathroom. There are 2 additional bedrooms on this floor with another full bathroom. This home is also equipped with an ELEVATOR to access all three l

Key facts

• 0.4 acre lot
• 2 garage spots
• Community pool

Property features AI

Finance

• HOA & community: Homeowners association with annual fee; Annual HOA fee; Clubhouse; Maintenance of grounds; Playground; Tennis courts; Derived monthly HOA: $142.83

Exterior

• Parking: Attached 2-car garage with garage door opener; 2 total parking spaces
• Utilities: Public water; Public sewer; Natural gas connected; Sewer available; Water available
• Home design: Single family residence; Residential property; Entry level: 2; Three or more levels; 3 stories total; New construction
• Construction: Fiber cement and frame construction; Shingle roof; Slab foundation
• Exterior features: Covered porch; Patio/porch

Interior

• Kitchen: Gas oven; Dishwasher; Microwave; Disposal
• Bedrooms: Total rooms: 9
• Flooring: Carpet; Tile
• Bathrooms: 3 full bathrooms; 1 half bathroom
• Heating & cooling: Central air conditioning; Electric heating; Heat pump; Natural gas heating
• Interior features: Walk-in closets; High ceilings; Elevator; Wet bar; Accessible full bath
• Laundry & utility: Gas water heater; Tankless water heater

What this means for you Summary

Snapshot

• This is a 4-bed/3.5-bath other listed at $900k.

Deal economics

• At list price, monthly cash flow is $5k ($60k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $900k).
• Recommended offer: $873k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.5% vs local median 0.1% in Emerald Isle — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 63/100 on livability (#401 in NC) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A, crime B; Watch: amenities F, commute F, cost of living F.
• Carteret County Public Schools (rural): math 59% / reading 61% proficiency, ranked #31 of 178 in NC (top 17%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Bogue Sound Elementary (math 63% / reading 63%, grade B, #168 of 1,410 statewide, top 12%, 467 students, 99% FRL); Broad Creek Middle (math 63% / reading 68%, grade A-, #28 of 475 statewide, top 6%, 710 students, 100% FRL); Croatan High (math 82% / reading 78%, grade A, #73 of 535 statewide, top 13%, 974 students, 26% FRL) — zoned schools average 75% FRL vs 39% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 216 active listings in the ZIP; 935 units permitted in Carteret County in 2024 (360 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $27k of value loss. Plan a longer hold.
• Carteret County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $252k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($873k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 19y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $25k; list at $900k implies a 3500% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $872,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
7. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
8. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.65% ✓
• Cap rate: 13.48%
• Cash-on-cash: 25.68%
• DSCR: 2.14
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.8%
• Equity multiple: 1.68×
• Total profit: $170,992
• Equity at exit: $134,178

10-year hold

• IRR: 25.4%
• Equity multiple: 3.22×
• Total profit: $558,441
• Equity at exit: $77,807

Cash invested: $251,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 85 Strongly Landlord-Friendly
• State North Carolina: 85 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

10-day notice; preempted; landlord-favorable but court speed varies.

Methodology + full state rankings →

ZIP-level market 28570

• Home prices YoY: -16.2%
• Active inventory: 216
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $14,878 medium
• Mortgage (P&I): −$4,719
• Tax est. 1.5%: −$1,125 /mo · $13,498/yr
• Insurance: −$375
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$143
• Vacancy / Maint / Mgmt: −$3,124
• Net cashflow: $4,965

Break-even live

Break-even rent $8,593

Max offer price $899,900

Occupancy floor 62%

Sensitivity live

Price	-10% $5,587	-5% $5,276	+0% $4,965	+5% $4,654	+10% $4,343
Rent	-10% $3,790	-5% $4,378	+0% $4,965	+5% $5,553	+10% $6,141
Rate	-1.0pp $5,418	-0.5pp $5,194	base $4,965	+0.5pp $4,732	+1.0pp $4,495

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $224,975
• Closing costs: $26,997
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $143 · $1,716/yr
• Likely covers: gas

Listing history 25 events

1. 2026-06-05
   status $899,900 Pending 47 DOM
2. 2026-06-03
   days on market $899,900 Active 47 DOM
3. 2026-06-02
   days on market $899,900 Active 46 DOM
4. 2026-06-01
   pricedays on market $899,900 Active 45 DOM
5. 2026-05-31
   days on market $929,900 Active 44 DOM
6. 2026-05-30
   days on market $929,900 Active 43 DOM
7. 2026-04-17
   status Active
8. 2026-02-09
   historical $5,000
9. 2026-01-30
   historical
10. 2026-01-30
    listed $929,900
11. 2026-01-22
    listed $5,000
12. 2025-12-22
    historical
13. 2025-11-04
    price $929,900
14. 2025-06-30
    price $979,900
15. 2024-10-24
    listed $997,900 Active
16. 2019-10-21
    historical
17. 2018-10-21
    listed $49,000
18. 2016-11-16
    soldstatus $25,000
19. 2016-06-20
    listed $43,000
20. 2010-08-31
    historical
21. 2009-09-01
    listed $299,000
22. 2009-03-06
    historical
23. 2008-03-06
    listed $374,900
24. 2008-01-31
    historical
25. 2007-08-13
    listed $375,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥103°F today · 20 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $178,539
• − Mortgage interest: −$50,408
• − Property taxes: −$13,498
• − Insurance: −$9,618
• − Repairs & maintenance: −$14,283
• − Management: −$14,283
• − HOA: −$1,716
• − Depreciation: −$26,179
• Taxable income: $48,553
• Est. tax owed @ 24.0%: −$11,653
• After-tax cash flow: $47,930/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Carteret County Public Schools
• NCES district ID: 3700630
• Math proficiency: 59% ▲ 5.00%
• Reading proficiency: 61% ▲ 2.00%
• Median HH income: $48,330
• Composite: 50.92/100
• National rank: #1786
• State rank: #31 of 178 in NC

Livability — Emerald Isle

• Score: 63/100
• State rank: #401
• US rank: #15298

Category grades

Amenities F Commute F Cost of living F Crime B Employment A+ Housing A Health & safety D- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Carteret County · 52,389 people
• Metro: Morehead City, NC
• Population (ZIP): 22,197
• Household income: $70,229
• Rent vs Own: 22.7% rent · 77.3% own
• Severe rent burden: 461.0

Population outlook (Carteret County) Hauer SSP2

• Today (2025): 73,443 people
• By 2030: 75,344 · +2.6%
• By 2040: 78,142 · +6.4%
• By 2050: 80,091 · +9.1%
• By 2075: 86,120 · +17.3%
• By 2100: 89,408 · +21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 7% Two or more races 6% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 3% Romanian 3% Lithuanian 2%
• Foreign-born: 5% · Canada, Dominican Republic
• Languages at home: 92% English-only · Spanish 6% German/W. Germanic 1%

Political lean MEDSL · Carteret

• 2024 margin: Solid R (+43.1) · D 28.0% · R 71.1%
• 2008→2024 swing: -8.4pp toward R · 2008: -34.7pp · 2024: -43.1pp
• All cycles: 2024: R+43.1 2020: R+42.0 2016: R+44.5 2012: R+41.0 2008: R+34.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -53.54%
• Current HPI: 276.6589
• Rent YoY: —
• Metro: Morehead City, NC
• State GDP YoY: ▲ 3.28%
• F500 in state: 26

Industry mix (Fortune 500 HQ in NC)

Industry	F500 HQs	Revenue
▸Financial Services	2	$213B
▸Retail	2	$95B
▸Industrial Conglomerate	1	$38B
▸Metals / Steel	1	$35B
▸Utilities	1	$30B
▸Industrial Machinery	1	$19B

Price history

-98.7% since first listed

19 events — show timeline

• 2026-04-17 Relisted — Hive MLS
• 2026-02-09 Rental Removed $5,000 BUILDIUM
• 2026-01-30 Listed $929,900 Hive MLS
• 2026-01-30 Listing Removed — Hive MLS
• 2026-01-22 Listed for Rent $5,000 BUILDIUM
• 2025-12-22 Listing Removed — Hive MLS
• 2025-11-04 Price Changed $929,900 Hive MLS
• 2025-06-30 Price Changed $979,900 Hive MLS
• 2024-10-24 Listed $997,900 Hive MLS
• 2019-10-21 Listing Removed — Hive MLS
• 2018-10-21 Listed $49,000 Hive MLS
• 2016-11-16 Sold (MLS) $25,000 Hive MLS
• 2016-06-20 Listed $43,000 Hive MLS
• 2010-08-31 Listing Removed — Hive MLS
• 2009-09-01 Listed $299,000 Hive MLS
• 2009-03-06 Listing Removed — Hive MLS
• 2008-03-06 Listed $374,900 Hive MLS
• 2008-01-31 Listing Removed — Hive MLS
• 2007-08-13 Listed $375,000 Hive MLS

Property tax history

+5.7%/yr

Latest (2025): $201 · +11.4% YoY. Source: county tax records.